Developer John Marini will not be completing the final leg of his downtown project for at least three years because banks are refusing to finance the work, he told the Planning Board last night.
Instead of his original plan to demolish, rebuild, and sell 12-28 West Central St. this year, Marini said he will put $100,000 worth of repairs into the building and lease the spaces for a three-year period.
Marini blames his difficulties on the recession.
"I've been in this business 40 years, and I've never had things happen this way. It's impossible to get financing, it's impossible to get tenants, it's impossible to sell. It's just a crazy situation," Marini said.
Read the full article on the trouble delaying the downtown development in the Milford Daily News here.
No comments:
Post a Comment